Profits up 16% at First Maryland
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ALLIED Irish Banks' US subsidiary has made strong progress in the third quarter, raising profits 16 per cent from a year earlier, writes Lisa Vaughan.
First Maryland Bancorp increased third-quarter profits to dollars 24.1m ( pounds 14.8m) after tax, bringing profits after tax for the nine months ended 30 September to dollars 68.4m, against dollars 51.2m a year before.
The results maintained First Maryland's reputation for being one of the more successful US acquisitions made by a bank from Britain or Ireland.
Improved interest margins and increased fee income helped to strengthen earnings despite sluggish loan demand, according to Charles Cole, president and chief executive officer of First Maryland.
Bad debts continued to dog the bank, but analysts said its performance compared favourably with competitors.
Non-performing loans were dollars 152.4m, equivalent to 2.4 per cent of total assets of dollars 8.9bn. That compares with National Westminster Bank's US subsidiary, NatWest Bancorp, where non- performing loans were an estimated 6.4 per cent of assets.
The bank has set aside dollars 204.9m for credit losses, 134 per cent of non-performing loans.
Allied made pre-tax profits of pounds 168.5m in its latest financial year.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments